Socialite and business executive Aisha Achimugu has denied reports that $13 million was discovered in her residence during a raid by the Economic and Financial Crimes Commission (EFCC), describing the claims as inaccurate and misleading.
Appearing on Channels Television’s Politics Today on Monday, the Group Chief Executive Officer of Oceangate Engineering Oil & Gas Ltd addressed the allegations surrounding the anti-graft agency’s search of her home.
“Let me also correct an impression: $13 million was not found in my house when my house was raided,” she said. “My house was raided, yes, but only $50,000 and 13 million naira belonging to my mother was found, and then my personal belongings. I don’t know where Nigerians got the impression that I had $13 million in my house. I’m not a bank.”
Achimugu declined to comment extensively on the matter, citing ongoing legal proceedings. She explained that the foreign currency in her possession was kept for practical reasons, noting that her children study abroad. “It is important to have some foreign currency available for emergencies,” she added.
On the source of her wealth, Achimugu maintained that her financial success stems from legitimate business ventures. She disclosed that her company participated in oil block bidding rounds between 2022 and 2024 and emerged successful through what she described as a transparent process. She also dismissed suggestions that her success is tied to political connections.
The businesswoman gained significant media attention in 2024 for a seven-day birthday celebration in Grenada, attended by high-profile guests, including Lagos State Governor Babajide Sanwo-Olu. Achimugu defended the event, stating it had been “planned for 10 years” and was not funded with any money under investigation. Regarding the governor’s presence, she said it should not be interpreted as evidence of favouritism.
On her delayed response to an EFCC invitation, she explained she was out of the country at the time, a fact her lawyer communicated to authorities. She added that her brief return to Nigeria before travelling again may have been “misinterpreted as an attempt to evade investigation.” She denied any involvement in campaign financing allegations and described the timing of events – including fund transfers, being declared wanted, and the raid – as “coincidental.”
Despite the controversy, she said she “has no regrets” and continues to operate within legal and ethical boundaries.
Court Ruling
In March, a Federal High Court in Abuja presided over by Justice Emeka Nwite ordered the final forfeiture of $13 million linked to Achimugu and her company to the Federal Government. The court held that the EFCC had established that the funds were proceeds of unlawful activities, rejecting claims that they originated from legitimate business earnings or gifts due to lack of supporting evidence.
The anti-graft agency had alleged that the funds were moved through suspicious channels and linked to payments for oil block licences. Achimugu and her firm have consistently denied any wrongdoing.
